On-demand services from Xerox Corp. will help industry participants overcome the hurdles of e-mortgage adoption, the company says.
Xerox Mortgage Services' eVault – a virtual repository that directly connects to the Mortgage Electronic Registration System (MERS) – gives loan participants access to information related to the status of an e-mortgage. eVault users have the ability to securely store and manage electronic promissory notes (e-notes) for funding, post-closing, servicing and custodial purposes, Xerox says. The MERS integration also allows loan stakeholders to verify the authenticity of the e-notes.
Xerox currently stores more than 35,000 e-notes in its repository, which leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization (MISMO) and MERS. In addition, the eVault has undergone integration testing with Fannie Mae's eMortgage Delivery system, offering Fannie Mae sellers a streamlined approach to delivering e-mortgages.
‘By introducing the eVault, with established connectivity to MERS, we're accelerating the move to e-mortgages and delivering the mortgage industry access to the technology it needs without a major capital investment,’ says Greg Smith, vice president at Xerox Mortgage Services.
The company is also driving e-mortgage adoption by offering e-recording capabilities through its Erxchange solution from ACS, a Xerox company. Erxchange delivers loan documents for e-recording and can return them to lenders via Xerox's BlitzDocs Collaboration Suite's secure online folder.
SOURCE: Xerox Mortgage Services